What is a passbook/bankbook? Details of passbook under the law in Vietnam

What is a passbook/bankbook? Details of passbook/bankbook under the law in Vietnam(Internet image) 

Regarding this matter, LawNet would like to answer as follows: 

1. What is a passbook/bankbook?

According to Clause 1, Article 7 of Circular 48/2018/TT-NHNN, passbook or bankbook (hereinafter referred to as passbook) is the certificate of ownership of savings deposit made by the depositor held at a credit institution, applied to the case of taking of savings deposit at the legal transaction office under the operation network of the credit institution.

2. Details of passbook in Vietnam

According to Clause 2, Article 7, Circular 48/2018/TT-NHNN, details of passbook include:

a) A passbook must have at least the following:

(i) Credit institution’s name and seal; full name and signature of the bank teller and the legal representative of the credit institution;

(ii) Full name, number and date of issue of identity proof of the depositor or all depositors (in case of a joint savings deposit) and information of the depositor’s legal representative if the savings deposit is made by the legal representative;

(iii) Number of passport; amount; currency; deposit date; maturity date (applied to term savings deposit); deposit term; interest rate; interest payment method;

(iv) Methods offered to depositors to access their savings deposits;

(v) Actions to be taken in a case where a passbook is crumpled, torn or lost;

* Apart from regulations prescribed in Point a of Clause 2, Article 7 of Circular 48/2018/TT-NHNN, a passbook may have other information as prescribed by the credit institution.

3. Transaction offices offering savings deposits taking and payout in Vietnam

Transaction offices offering savings deposits taking and payout according to Article 8 of Circular 48/2018/TT-NHNN are as follows:

- The credit institution shall take and pay out savings deposits at legal transaction offices under its operation network (hereinafter referred to as transaction office), except for taking and paying out online savings deposits.

-. As for a passbook, the credit institution may take and pay out saving deposit at the transaction office which issued such passbook or any of other transactions offices.

If a credit institution takes and pays out saving deposits in multiple transaction offices, it must ensure that saving deposits are taken and paid out accurately and safely as to the depositors and the credit institution’s operation.

4. Regulations on the currencies upon savings deposit taking and payout in Vietnam

Regulations on the currencies upon savings deposit taking and payout according to Article 10 of Circular 48/2018/TT-NHNN are as follows:

- The currency upon savings deposit taking is Vietnamese dong or foreign currency. The credit institution may determine the type of foreign currency/ies which it takes saving deposits.

- The currency upon savings deposit payout is the one that the depositor previously made. The saving deposit payout as to foreign currency small change shall be accordant with regulations of the credit institution.

- Regarding a savings deposit in Vietnamese dong of a Vietnamese citizen who is a resident, the depositor and the credit institution may reach an agreement as to payout of principal and interest into a checking account in Vietnamese dong of such depositor.

- Regarding a savings deposit in Vietnamese dong of a Vietnamese citizen who is a non-resident made from a checking account of the depositor, such depositor and the credit institution may reach an agreement as to payout of principal and equivalent interest into a checking account in Vietnamese dong of such depositor.

- Regarding a savings deposit in foreign currency of a Vietnamese citizen who is a resident made from a checking account of the depositor, such depositor and the credit institution may reach an agreement as to payout of principal and equivalent interest into a checking account in foreign currency of such depositor.

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